Wind power buy expands Weir’s renewables presence
The Weir Group PLC has acquired a
majority shareholding in wind power maintenance specialist,
Ynfiniti Engineering Services SL (“YES”).
Based in Madrid, Spain, and with
subsidiaries in Portugal, Italy and the USA, YES provides operating
and maintenance services to the growing installed base of wind
turbines.
YES, projected to have sales of
€10m (£8.5m1) in 2010, had gross assets of €4.8m
(£4.1m1) at 31 December 2009. Core customers include
Gamesa, Suzlon, Vestas, Alstom and Iberdrola Renovables.
Keith Cochrane, chief executive of
Weir, commented: “Wind power continues to be a key focus for
renewable energy investment worldwide. Our Power & Industrial
Division is already seeing strengthening demand internationally for
high quality maintenance and upgrade services for the increasing
number of established wind farms. YES will greatly complement
Weir’s offering to this fast developing renewable power
aftermarket.”
Ignacio Esteve, managing director
of YES, added: “Earlier this year we started working alongside
Weir on a wind farm project in Scotland. Joining forces with Weir
will transform our ability to offer on-the-ground services in new
markets to leading turbine manufacturers. We are absolutely
delighted at the opportunity this will offer our own
employees.”
Weir has acquired 76% of YES, the
management team retaining the 24% balance, which Weir has an option
to acquire within the next six years.
Weir has been developing its wind
power presence organically from its Alloa, Scotland service centre.
In conjunction with YES, Weir is providing maintenance services to
Alstom at ScottishPower’s Clachan Flats wind farm in Argyll,
Scotland.
The YES wind power purchase follows
Weir’s November acquisition of leading hydro-power aftermarket
specialist American Hydro, based in Pennsylvania.
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